When will Congress Pass “Extenders” Legislation to Revive Expired Tax Breaks for 2015?

With Congress returning from its August recess, this is the question on tax-savvy Americans’ minds. Many valuable tax breaks aren’t permanent, so Congress has to pass legislation extending them to keep them in effect. Unfortunately, Congress often waits until the last minute to do so.

For example, Congress didn’t pass 2014 extenders until December 2014, making the legislation retroactive to January 1, 2014 — but not extending the breaks to 2015. So we’re again in a waiting game to see what will happen with extenders legislation. Some believe Congress will act soon, while others think we’ll again be waiting until December.

2015 Tax Extenders

Here are several expired breaks that may benefit you or your business if extended:

The deduction for state and local sales taxes in lieu of state and local income taxes,

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